peppercorn rent

A token or nominal rent. The name comes from leases where the rent is one peppercorn a year. Other kinds of token or nominal rents, such as £1, or a red rose each year, may also be referred to as peppercorn rents. A peppercorn rent is often found where a premium has been paid for a lease.

Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.

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peppercorn rent — ➔ rent2 * * * peppercorn rent UK US noun [C] UK ► LAW, PROPERTY a very small amount of money that is paid by someone who is renting a building or piece of land so that the arrangement between them and the owner of the property is legal: »The… … Financial and business terms

peppercorn rent — /ˌpepəkɔ:n rent/ noun a very small or nominal rent ● to lease a property for or at a peppercorn rent ● The charity pays only a peppercorn rent … Dictionary of banking and finance

peppercorn rent — A nominal rent. In theory one peppercorn (or some other nominal sum) is payable as a rent to indicate that a property is leasehold and not freehold, the peppercorn representing the consideration In practice it amounts to a rent free lease … Big dictionary of business and management

peppercorn rent — noun a) A nominal rent; originally a single peppercorn. b) Any very small rent … Wiktionary

peppercorn rent — noun Brit. a very low or nominal rent. Origin from the (formerly common) practice of stipulating the payment of a peppercorn as a nominal rent … English new terms dictionary